TAIEX Ends Lower, Hits Over 3-Month Low
The TAIEX, Taiwan’s benchmark stock index, shed 359 points, or 0.8%, to close at 42,949 on Wednesday, extending losses for a fifth consecutive session and tracking a decline in US stock futures amid concerns over AI regulation following the possibility of a Democratic takeover of both chambers of Congress. The broader index touched its lowest level since July 30, mainly weighed down by losses in electronic technology stocks. The sector continued to decline, falling 1.1% amid concerns over massive spending on AI infrastructure. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, dropped 1.5%. Hon Hai Precision shed 2.2%, Delta Electronics plunged 3.9%, and Unimicron shed 1.6%. Traders also anticipated the release of October inflation data on Thursday. However, easing oil prices helped limit losses as inflation concerns and expectations of interest rate hikes moderated.
The TAIEX, Taiwan’s benchmark stock index, shed 359 points, or 0.8%, to close at 42,949 on Wednesday, extending losses for a fifth consecutive session and tracking a decline in US stock futures amid concerns over AI regulation following the possibility of a Democratic takeover of both chambers of Congress. The broader index touched its lowest level since July 30, mainly weighed down by losses in electronic technology stocks. The sector continued to decline, falling 1.1% amid concerns over massive spending on AI infrastructure. TSMC, the world’s largest contract chipmaker, which accounts for more than 40% of the market’s total value, dropped 1.5%.
Hon Hai Precision shed 2.2%, Delta Electronics plunged 3.9%, and Unimicron shed 1.6%. Traders also anticipated the release of October inflation data on Thursday. However, easing oil prices helped limit losses as inflation concerns and expectations of interest rate hikes moderated.